Best Forex Brokers in Malaysia Reviewed 2024

Trading forex has become popular due to the potentially high profits that are available. Traders also like that the market is open 24/5, so there aren’t interruptions during the week. One of the places where forex has grown is Malaysia. We wanted to help traders get the most out of forex, so we researched the best forex brokers in Malaysia.

On top of that, we also included the features we deem to be important when choosing the best brokers for forex. We also covered key aspects of forex trading and provided in-depth reviews of the top forex brokers.

Best Malaysian Forex Brokers Reviewed

All the platforms we reviewed are regulated forex brokers in Malaysia, offering several benefits for traders. Of all the options, we found Capital.com to be the best forex broker in Malaysia.

1. Evest – Best Forex Broker in Malaysia Offering Customizable Spreads

With the Evest trading platform, Malaysian investors can trade 29 forex pairs. Exclusively a CFD (Contract for Differences) brokerage, Evest lets its members trade on the future price movements of forex pairs and other financial instruments. 

For day traders looking to execute new trades at a rapid pace, Evest offers a 0.3 millisecond execution time per trade. Depending on the level of spreads one wishes to pay, Evest lets you access four different account types.

 The Silver account is the cheapest in terms of minimum deposit – allowing investors to trade after depositing only $250 (1064 MYR). However, the spread starts from 3 pips on this account type. Alternatively, the Diamond account offers customizable spreads when trading forex pairs. But, this account’s minimum deposit is $50,000 (212,900 MYR).

One can trade FX pairs on Evest through the proprietary trading platform, available on desktops and laptops. Evest also offers a trading app through which one can trade FX pairs. You can even connect with MetaTrader 5, which offers automated trading services for Forex and other assets. 

Among the popular pairs available on Evest is EUR/USD, on which the spread starts at 0.8 pips. Along with FX trading, Evest lets investors access more than 525 financial instruments, including stocks, cryptos, commodities, and indices CFDs. 

Beginner traders can leverage the paper trading account, which comes pre-loaded with $25,000 (106,450 MYR) worth of virtual currency. This feature lets users trade using Evest’s features without risking any funds. 

On Evest, you can also access the basics of FX trading by taking part in multiple courses and lessons through the ‘Trading Academy.’ 

To get started with Evest, all you have to do is verify your account and make a deposit through multiple payment methods. Wire transfers, e-wallets, and credit cards are some of the available payment options on Evest. 

What We Like

2. Capital.com – Forex Broker Offering Low Spreads

Capital.com is a top forex broker that offers low spreads and minimal charges. It provides several benefits such as offering numerous trading pairs and curbing fees wherever possible.

One of the things that impressed us the most about this platform is that it has catered to beginner and advanced traders. Beginners don’t have to worry about navigating the platform as it’s simple to use, yet advanced traders can optimize their strategies by incorporating indicators and chart tools to position themselves well in the market. If traders get stuck, Capital.com offers 24/7 support.

This platform abides by high financial standards because it’s regulated by FCA, CySEC FSA, ASIC and NBRB. That should give traders some level of certainty that financial authorities are watching over Capital.com to ensure it doesn’t mismanage client funds.

Capital.com doesn’t charge commissions for forex trading, and a low spread of 0.6 pips is charged for EUR/USD. Traders need to fund their accounts with a minimum of $20, and Capital.com doesn’t charge fees for deposits and withdrawals. Inactivity fees aren’t applicable to this platform, but overnight fees apply to certain currencies. Traders can take advantage of the 30:1 leverage.

Some of the ways that traders can fund their accounts include bank wire, credit cards, Paypal and Apple Pay. Capital.com is also one of the best crypto exchanges in Malaysia.

What We Like

3. eToro – Leading Forex Broker Offering Copy Trading Services

Besides being a regulated forex broker in Malaysia, eToro has designed a platform perfectly suitable for beginners and pros. New traders can test out the platform by downloading a free $100,000 demo account. Mobile users can also download the app, available on iOS and Android. It’s easy to see why eToro is one of the best forex trading platforms in Malaysia.

eToro has enabled traders access to 49 currency pairs, so its forex platform consists of majors, minors and several exotic pairs. After opening an account, traders need to deposit at least $50. Some of the payment options include bank wire, cards, Paypal, Neteller, Skrill and Webmoney. If an account is funded in USD, it’s free. Otherwise, conversion costs of up to 150 pips apply, depending on the currency deposited.

eToro doesn’t charge commissions, but a EUR/USD spread is 1 pip. Traders who are inactive after 12 months are charged $10 monthly and overnight fees apply on certain currencies. This platform charges $5 for withdrawals, and overnight fees are applicable for certain currencies.

One of the great features of this platform is CopyTrading. Beginner traders who are uncertain about opening a position can see what the pro traders are doing and copy their trades. Not only can traders potentially profit from those trades, but the platform encourages communication among traders. So it’s a social feature that enables traders to swap ideas and strategies. No extra fees are charged for this service.

eToro enables up to x30 leverage on major currency pairs. This platform also provides one of the best crypto apps in Malaysia.

What We Like

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

4. Libertex – Access Sign-Up Bonuses with This Popular CFD Broker

We found Libertex to be one of the best forex brokers for beginners in Malaysia. The great thing about using Libertex is that it’s an MT4 forex broker and an MT5 forex broker. Beginner traders will enjoy this platform because they can take advantage of a free $50,000 demo account to practice and also a 3-hour trading course.

Libertex offers a sign-up bonus. It offers 100% of an investor’s deposit, which is converted into an account. Traders can even withdraw those funds if they want. Another feature we like is the loyalty program, which enables traders to accumulate rewards to receive VIP manager support or investment ideas from professionals.

The minimum amount that traders need to deposit is $10. Libertex doesn’t charge for deposits. The payment options are bank wire, cards and Paypal. Libertex works slightly differently than the other best forex brokers in Malaysia. It doesn’t charge any fees for spreads or overnight fees. This broker charges a commission. The commission for currencies such as EUR/USD usually averages at 0.008%. Traders have access to more than 45 currency pairs.

Besides the education that this platform offers, traders can also receive trade signals and news alerts. Libertex offers several great features to help traders optimize their trading strategies.

Investors can also use Libertex to buy stocks in Malaysia.

What We Like

Your capital is at risk. 70.8% of retail investor accounts lose money when trading CFDs with this provider.

5. AvaTrade – Regulated Broker Offering MT4/MT5

One of the reasons that AvaTrade has been able to attract numerous traders is that it offers MT4, MT5 and a broad selection of currency pairs. Beginners and advanced traders will find that the platforms are suitable for executing trades and incorporating strategies. Traders can try out the free demo account and a selection of FX-based Vanilla options. Free videos and guides about trading are available.

Funding an account with AvaTrade requires traders to deposit at least $100. Payment options include bank transfer, cards, Neteller, Skrill and Webmoney. Avatrade offers 0% commissions for trades but charges spreads for popular pairs such as EUR/USD of 0.9 pips. Inactivity fees of $50 are applicable after 3 months of non-activity. The platform also charges an administrative fee of $100 after 12-month inactivity. Leverage of 400:1 is also available.

Some of the great features on this platform are DupliTrade and ZuluTrade. Beginner traders can use DupliTrade to follow the strategies and trades of pro traders while ZuluTrade uses pro trader recommendations to open positions automatically in an investor’s account.  AvaTrade offers one of the best forex trading platforms in Malaysia.

AvaTrade also offers one of the best crypto wallets in Malaysia.

What We Like

6. Pepperstone – Popular Broker Offering Tight Spreads

Pepperstone offers one of the best Malaysian forex trading platforms. Traders can choose from MT4, MT5 and cTrader. It’s a great platform for beginners and pro traders, offering more than 60 currency pairs. If traders have any queries, they can access 24/5 support, and it’s available 18 hours a day on weekends.

Pepperstone is serious about showing traders that it abides by high financial standards because it’s regulated by ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB.

Traders can choose from a variety of majors, minors and exotics. Pepperstone provides a 99.95% fill rate and charges an average spread of 0.77 pips for EUR/USD. The Razor account offers 0.2 pip spreads. Experienced traders can take advantage of the 30:1 leverage that traders can reduce at any time. Pepperstone charges commissions only on Razor accounts when trading CFDs on forex. Swap rates are also applicable but vary based on exchange rates and trade sizes.

The minimum amount to fund an account with Pepperstone is $140. Some of the payment methods offered are bank wire, cards, Paypal, Neteller, Skrill and BPay.

Traders can access a wide range of educational material and even gain from the market analysis offered via webinars and other mediums.

What We Like

7. Forex.com – Popular Platform Offering 80 FX Pairs

Forex.com is one of the MT5 forex brokers on our list. This broker offers a basic platform but also caters to experts by offering an advanced platform. Mobile traders can also use the platform, which is one of the best forex trading apps in Malaysia. Traders can use a real-time trade signal tool called Trading Central. This platform offers market strategies to help traders develop their own trading plans. The research team provides market analysis and actionable trade ideas.

The minimum that traders should deposit into their accounts is $100. Payment options include bank wire, cards, Neteller and Skrill. The spread for EUR/USD varies, but averages about 1.3 pips. Inactive traders are charged $15 monthly if traders aren’t active for 12 months or more.  Commissions are charged when traders opt for trading on the commission account. Overnight fees are set at an interest rate of +-2.5%.

Forex.com offers more than 80 currency pairs, and beginner traders can also use the free educational content that the platform offers.

What We Like

8. XM – Forex Specialist Broker Offering Sign-Up Bonus

Traders who don’t want to risk their money will be glad to know that XM offers a bonus. When a new trader signs up, XM gives a $30 bonus. XM is one of the best forex brokers with low spreads, and it doesn’t charge swaps for Ultra Low accounts. Traders can access up to 55 currency pairs.

The minimum deposit for an XM account is $5. Traders can use cards, bank wires, Neteller, Skrill and UnionPay. Zero fees apply on deposits, and trading EUR/USD has an average spread of 0.1 pips. Withdrawals are also free if it’s over $200. XM allows up to 1000:1 leverage.

One of the great things about this broker is that it offers free educational content. XM is one of the MT4 forex brokers and MT5 forex brokers. This broker offers various versions of its platform for iPhone, PC, Mac and WebTrader.

What We Like

9. HotForex – High-Leverage Broker Providing Low Spreads

One of the best forex brokers in Malaysia is HotForex. This platform is tailored for traders of all skill levels, and it consists of 12 versions. Traders can also choose from six different account types to suit their risk appetite and trading volume. HotForex also enables traders to combine 18 different trading tools and grants access to 25 video tutorials.

Some of the ways to fund accounts are via bank transfers, cards, Neteller, PayRedeem, Skrill, WebMoney and Bitpay. At least $100 is required to fund via a bank transfer, and no deposit fee applies. The minimum amount traders can withdraw is $100, and HotForex doesn’t charge withdrawal fees. The average spread for EUR/USD is around 0.2 pips, making it one of the cheapest forex brokers.

Some of the great features that this platform provides are educational videos and webinars, as well as contests, merchandise and a loyalty program.

What We Like

10. OctaFX – Platform Specializing for Asian Market

We found that OctaFX has one of the best forex trading apps in Malaysia. This platform enables beginners and advanced traders to execute trades without experiencing any hassles to open positions and get the most out of their trading strategies. Traders can choose between MT4 and MT5 to trade 35 currency pairs.

Opening an account with OctaFX is simple and depositing funds is available via cards, Skrill, Neteller and bank wire. The minimum amount to deposit is $50, and deposits are free. Withdrawals are also free, and a minimum of $5 should be withdrawn. The average spread of EUR/USD is 0.7 pips. Swaps aren’t applicable to currency pairs. Leverage of 1:500 is available.

This platform also runs contests, offers a 50% deposit bonus, provides market insight and educational content such as webinars, videos and articles. It also offers CopyTrading, enabling beginners to copy the trades of professionals.

What We Like

11. CMC Markets – Platform Suitable for All Trades

CMC Markets has developed a platform suitable for pro traders but also offers a demo account for beginners to test. Metatrader 4 is available for the desktop, and the mobile app is available on iOS and Android. CMC Markets has one of the best forex apps in Malaysia.

Traders who want plenty of options will get it on CMC Markets as it offers more than 330 currency pairs. The platform provides a 99.7% fill rate and offers a minimum spread of 0.7 for EUR/USD. CMC Markets doesn’t have a minimum deposit, and payment methods are bank transfer, cards and Paypal.

One of the things that makes this broker unique is that it offers forex indices. It enables the trading of a collection of up to 12 selected pairs. The platform provides market analysis and news to help traders optimize their strategies. Beginners can take advantage of the free educational content.

What We Like

Top Malaysian Forex Trading Pairs Compared

We compared the best forex brokers in Malaysia to see how they fared against each other.

How We Select the Best Malaysian Forex Brokers

When searching for the best broker for forex, we looked at key features for our shortlist.

Regulation

It’s important that a financial authority regulates a broker to ensure that it abides by high financial standards. That ensures brokers are looking out for the best interests of clients and don’t mismanage funds.

Range of Pairs

Traders enjoy having a lot of currency pairs at their disposal. Because if a trade isn’t available on majors and minors, they may look to the exotics. The more choices traders have, the more likely they are to take a trade.

Fees

Screenshot via Pepperstone

The most important aspect we considered was the fees. High fees mean reduced profits and larger losses. Brokers need to be completely transparent about all of their fees.

Some of the brokers on our list don’t charge for deposits or withdrawals and offer low spreads.

Tool & Analysis

Beginners prefer a simple platform that enables them to place a trade easily. But pro traders want to combine indicators into their strategies to ensure that they have done the best possible technical analysis. That’s the reason they need to have all the tools on the charts

Minimum Deposit

Ideally, a broker should have a low minimum deposit stipulation. Some traders are new and don’t want to risk a lot of money. Also, some traders might not have sufficient funds if the minimum amount is too high. Low minimum deposits lower the barrier to entry in this market.

Demo Account

A demo account is useful for beginners to practice so they can get a hang of the platform before going live. Pro traders will use it to see if it offers all the tools they need.

Mobile App

Some traders prefer to trade on their phones. So the best forex trading platform in Malaysia should offer an app on iOS and Android.

Payment Methods

Brokers need to make funding accounts convenient for traders, so they need to offer various payment options. The more payment methods a broker offers, the more likely traders will start trading.

Customer Service

It’s important that traders receive immediate help when they get stuck. That’s the reason we searched for the top forex broker that offered support around the clock.

Best Forex Signals Malaysia

To help beginner traders become profitable, the best forex broker in Malaysia should offer forex signals. Learn2Trade has been in that business for over a decade, providing forex signals for traders of all skill levels.

More than 70,000 traders receive Learn2Trade’s signals, consisting of the currency pairs to trade and whether traders should buy or sell. The best part about these signals is that Learn2Trade specifies the price that traders should enter, where to place their stop losses and at what price to take profits.

One of the reasons that the signals make Learn2Trade the best forex trading app in Malaysia is that it sends three free signals per week via Telegram.

Your capital is at risk. There is no guarantee that you will make money when using this signal provider. 

How to Start Forex Trading in Malaysia

We will now show readers how to start trading Forex with Evest – the best forex broker in Malaysia for 2024. 

Step 1: Create Your Evest Trading Account

To get started, head over to the Evest website and start creating a new account. The platform can also be accessed through the mobile app on iOS and Android. Complete the registration form by entering your full name, mobile number, and email. 

Select the ‘Click to Start’ option to finish this step. 

Step 2: Verify your Evest Account 

After the account is created, users must verify their account to begin depositing and withdrawing funds. Select the verification center option and upload the required documents to complete the verification process. 

Step 3: Make a Deposit 

On Evest, one can make a deposit with different payment methods such as VISA Electron, wire transfers, and e-wallets, including Skrill and Neteller. The minimum deposit will also differ depending on the account type. 

Visit the payment tab, enter the funds you wish to deposit, and confirm the payment. 

Step 4: Start Trading Forex Pairs 

After you have deposited the funds, search and type the FX pair you wish to trade. Enter the amount you wish to trade, and click on ‘Buy’ or Sell,’ depending on whether you are going short or long.  

Conclusion

During our search for the best forex broker in Malaysia, we discovered twelve contenders. So we reviewed them in-depth and highlighted their features and fees. We also provided a comparison in a table and stated the factors we look at to determine the best Malaysian forex trading platform.

We found that to be Evest. It offers a platform convenient for beginners and traders. Evest doesn’t charge fees for deposits and lets one access 23 Forex pair CFDs. Trading fees for EUR/USD start from only 0.8 pips, and Evest lets members access demo accounts and trading courses through its Trading Academy.

FAQ